Economic theory and economic history

The article recalls how R. Solow wanted to see the relationship between economic theory and economic history. The uniqueness of the historical experience of catching up and leading development suggests the limitations of universal models of economic growth. In terms of adapting the financial system to the technological situation, there are noticeable differences among countries with inclusive institutions. For the scientific status of a theory, it is of great importance to fix the boundaries of its applicability. The observed cyclicity in the change of leading theoretical concepts has its own technological background. The non-monotonicity and non-linearity of long-term technological development is an important lesson of economic history. The experience of analyzing the causes of the Great Recession confirms the need to take into account technological factors of many significant economic phenomena. Although the new neoclassical synthesis is successfully evolving, its possibilities of reproducing the historical experience of endogenous technological development are still small. Taking into account in economic theory the range of possibilities of human society, as evidenced by economic history, remains on the agenda.